Canadian Dollar FX Update January 6, 2017
USD/CAD Open: 1.3230-1.3231 Overnight Range: 1.3178-1.3268
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.74 and gold is at $1,173. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3319. Support is at 1.3198.
The Canadian dollar is higher this morning, following today’s data releases. US jobs data was mixed; less jobs were created than expected (+156k actual vs. +175k expected), but accompanying the job gains were strong wage growth figures, which had previously been lagging. With the US economy looking to be close to full employment, wage growth figures are a key metric moving forward.
Canadian employment data for December shocked to the upside (-2.5k expected vs. +52.7k actual). December’s gains were due to an increase in full-time jobs, which Canada had consistently struggled to add in 2016. December’s report was unambiguously strong. Trade data was also strong, showing a jump in exports. Overall, today’s releases show positive signs for the Canadian economy.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | January 6, 2017 | Daily Update |
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